Author: Gugu Lourie

Sanlam Life, a wholly-owned subsidiary of Sanlam, will acquire a 60% shareholding in MultiChoice’s insurance business, NMS Insurance Services (SA) from MultiChoice. Sanlam Life is buying NMSIS for an upfront cash consideration of R1.2 billion and a potential performance based cash earn-out, measured at 31 December 2026, of up  to a maximum consideration of R1.5 billion. MultiChoice to retain a substantial 40% interest in NMSIS and 40% in the broader commercial venture with Sanlam, allowing MultiChoice to continue benefiting from the high-growth potential of this segment while maximising value for its shareholders. A pre-acquisition dividend of R59.0 million will be…

It’s easy to take things for granted, like strolling into the market and grabbing a basket of fresh, ripe strawberries. But getting fresh produce into the hands of consumers has become increasingly challenging due to climate change, intricate supply chains, and rising costs, among other factors. Over $1 trillion worth of perishable food goes directly from farms to landfills every year – equal to 130 billion meals. And that number is only going up. From seedling to store display, a lot needs to go right to get delicious berries to you – the ultimate consumer. One company considering every step…

Africa Data Centres, part of the Cassava Technologies group, has secured funding to expand its data centre capacity in response to the growing demand for cloud computing services in South Africa. This funding was arranged by RMB, highlighting Africa Data Centres’ strong financial standing and dedication to South Africa’s digital transformation. “This funding is a significant milestone in the growth of Africa Data Centres,” said Hardy Pemhiwa, President & Group CEO of Cassava Technologies. “It underscores our commitment to growth and our confidence in the future of the South African data centre market. The additional funding will allow us to…

In 2024, Vodacom CEO Shameel Joosub’s salary skyrocketed to an astonishing R73.5 million, a jaw-dropping increase of R10 million from his previous earnings. Joosub’s total package included a guaranteed salary of R16 million, R1.2 million in retirement contributions, R20.6 million in short-term incentives, and a remarkable R35 million in long-term incentives, according to the operator’s integrated annual report. “I am filled with gratitude to have been part of Vodacom’s growth journey over the past 30 years. While I reflect proudly on our milestones, it is our ongoing purpose to connect for a better future and drive inclusion that fuels my…

Entersekt, the financial authentication company, has announced that PAPE Fund 3 has expanded its investment in the company. Initially investing in July 2022, PAPE Fund 3 recently acquired Nedbank Private Equity’s stake in Entersekt, thereby increasing its total investment and ownership. Nedbank Private Equity operates under Nedbank Corporate and Investment Banking. PAPE Fund 3, a R1.06 billion private equity fund fully dedicated to South African mid-cap unlisted businesses with international growth, originally invested in Entersekt International in July 2022. Managed by PAPE Fund Managers, a Level-1 rated Black Empowered fund manager, PAPE Fund 3’s investment has bolstered Entersekt’s BEE credentials.…

JSE-listed retailer Mr Price has reported remarkable performance for its cellular standalone stores, contributing to the group’s impressive R37.9 billion in revenues for the 52 weeks ending March 30, 2024, an increase of 15.5%. Today, Mr Price said the Telecoms segment saw a 10.2% increase in retail sales, reaching R1.2 billion, with comparable sales growing by 1.5%. The Telecoms segment sells cellular products and services. Mr Price Cellular standalone stores continued to perform strongly, leading to the opening of 30 new standalone stores during the period. The expansion brought the total footprint, including combo stores, to 804 locations. According to…

JSE-listed retailer Mr Price is on the brink of a significant financial milestone as its Financial Services Division approaches R1 billion in revenue. The achievement emphasises the division’s rapid growth and key role within the company, highlighting Mr Price’s expanding footprint in the financial sector. Mr Price announced today that its Financial Services segment revenue had risen by 4.8%, reaching R869 million. This growth is driven by a 12.1% increase in debtors’ interest and fees, attributed to a higher average debtors’ book and a 50 basis point increase in the repo rate over the period. Despite challenging economic conditions, the…

A year after Pick n Pay pioneered Bitcoin payments at tills across South Africa, the retail giant is now generating R1 million in monthly sales from shoppers using cryptocurrency. Customers are purchasing groceries, data, airtime, and even paying their municipal bills using Bitcoin. This marks a significant milestone in the integration of cryptocurrency into mainstream retail in South Africa. The adoption of cryptocurrency payments has seen substantial growth, with four times more customers utilising Crypto QR codes each month at nearly 700 Pick n Pay stores. This adoption is particularly notable in the Western Cape, followed by Gauteng and KwaZulu-Natal.…

South Africa’s banking giant, Standard Bank, has announced a significant move in its mobile network operations. The bank is transitioning its Mobile Virtual Network Operator (MVNO) services to MTN, one of the leading telecommunications providers in the country. In conjunction with this shift, Standard Bank is rebranding its MVNO to “Standard Bank Connect,” aiming to enhance its mobile service offerings and provide customers with improved connectivity and benefits. Previously, Standard Bank had partnered with Cell C for its MVNO services. “We are excited to collaborate with MTN and the opportunity to provide our customers with a range of newly differentiated…

Investment manager Alexforbes is set to leverage OUTvest’s technology to position itself as a digital disruptor in the market. On February 1, 2024, the group acquired 100% of the issued share capital in OUTvest, a private South African company, for R38 million. This acquisition was financed through a term loan facility. Outsurance, one of the JSE’s standout success stories over the past decade, launched OUTvest six years ago with the promise of replicating its insurance business success. OUTvest provides goal-based advice and passive investment solutions through a website and an app, integrating technology with financial advisers based in a call…

Gumtree’s recent independence and increased agility have enabled the company to introduce exciting innovations and new features. One upcoming development is the launch of “Pay & Ship” on Gumtree SA, which will enhance the platform with an e-commerce experience, ensuring secure purchasing and reliable delivery. “We are constantly looking at how we can make the website and app better, with major updates and changes planned for 2024,” says Marcus Badach, Chief of Staff at Gumtree South Africa. “Gumtree’s User Verification, powered by mobile payments app Spot, is able to verify the identity of buyers and sellers and their contact information,…

The Paardevlei Centre, brought to life by the Shoprite Group, represents more than just a commercial hub. It tells a compelling story of transformation, honouring its storied past while embracing a vibrant future. This centre stands as a testament to how an industrial landscape can evolve into a bustling community space, where history and modernity coexist, creating a place where the echoes of history blend with the everyday rhythms of life. A Historical Legacy Located in Somerset West, the Paardevlei Centre is nestled within the Paardevlei Lifestyle Estate, an area with a rich historical legacy. Once the site of crucial…

South African retail giant TFG is making waves with its e-commerce platform, Bash, which is currently firing on all cylinders. As the digital marketplace continues to evolve, TFG’s robust online presence through Bash is setting new standards in the retail industry for the the retailer. With seamless user experience, a wide range of products, and innovative features, Bash is driving significant growth and customer satisfaction for TFG, positioning the company at the forefront of the e-commerce sector in South Africa. Bash was launched in February 2023 by TFG. For more read: TFG’s New Bash App Tops Download Charts After Official…

The Tyme Group boasts a combined customer base of 12.4 million in South Africa and the Philippines, comprising 9.2 million TymeBank customers and 3.2 million GoTymeBank customers. The group consistently onboards around 450,000 new customers monthly, with 250,000 joining GoTymeBank  in the  Philippines,and 200,000 opting for TymeBank in South Africa. Tyme’s annualised gross revenue run rate stands at $175 million, with an annualised net operating income tracking at $110 million. The combined deposit base amounts to $600 million, complemented by a $165 million lending portfolio. TymeBank anticipates achieving sustained profitability by June 2024, having broken even in December 2023, which…

MultiChoice Group on Thursday issued a warning about escalating full-year losses, citing an increasingly challenging trading environment. The company in a trading statement highlighted the intensifying difficulties it faces as it navigates these tough economic conditions. Although the group’s full year 2024 financial performance has been negatively impacted by an adverse and volatile economic environment, management has responded with tactical interventions by focusing on cost optimisation and cash management, including reduced decoder subsidies, which continued to yield positive economic outcomes, the company said. MultiChoice announced that trading profit is expected to decline by 19% to 23% compared to the 2023…

MultiChoice Chief Executive Officer Calvo Mawela and Chief Financial Officer Tim Jacobs will be entitled to receive a cash retention bonus upon the successful implementation of the Canal+ mandatory offer to buy Africa’s largest pay-TV operator. In the Combined Circular published by Canal+ and MultiChoice, it was disclosed that there are no material provisions of an abnormal nature in respect of directors’ service contracts which require disclosure. Furthermore, there are no service contracts in respect of MultiChoice directors that have been concluded or amended during the six-month period prior to the date of the Joint Announcement. “In order to support…

Today, FinTech group Capital Appreciation announced strong business performance despite weak business confidence, continuing to attract new customers and grow market share in a lacklustre economy by evolving its revenue mix with new products and services across more sectors and regions, thereby creating significant future growth opportunities. The group grew gross revenues by 19% to R1.2 billion and EBITDA by 53% to R252.8 million. The financial results benefited from improved operational performance, higher finance income, a significantly reduced expected credit loss raised for GovChat and the first-time contribution of the Dariel Group (acquired July 2023). EPS and HEPS increased by…

The best-selling BMW 1 Series has undergone an extensive mid-life refresh, with significant visual and mechanical updates. These changes are so substantial that BMW is calling it the fourth-generation 1 Series. Featuring a dynamic design, a completely revised drive portfolio, and extensively enhanced chassis technology, the new BMW 1 Series stands out as the sportiest vehicle in its class. Highly efficient engines equipped with 48-volt mild hybrid technology, alongside a resource-conserving production process that prioritises material recycling, optimise sustainability throughout the entire product life cycle. Its progressive nature is further showcased by a redesigned interior, an expanded range of automated…

The independent board of JSE-listed MultiChoice has advised shareholders to consider accepting a takeover bid from Canal+, a French media conglomerate. Despite this endorsement, both entities face substantial regulatory obstacles before the deal can be finalised. Canal+ and MultiChoice issued today a Combined Circular to MultiChoice Shareholders regarding the mandatory offer by Canal+ to acquire the MultiChoice shares it does not own for a consideration of R125.00 per share. The board, in a collaborative statement, has deemed the offer price of R125 per share as equitable and advisable, urging shareholders to accept it once the conditions are met. However, the…

Luxury car manufacturer JLR is today announcing significant progress in upskilling its workforce for electrification. More than 20,000 JLR colleagues and partners have been trained in electrification and digital skills as part of JLR’s Future Skills Programme. The UK’s largest luxury car manufacturer has trained: More than 2,400 manufacturing employees in its UK production facilities with EV skills More than 95 per cent, or 10,000, of JLR’s retail partner technicians, ensuring workshops are prepared to service JLR’s next generation luxury electric vehicles Nearly 3,000 engineers trained in electrification Around 2,500 in data and digital And more than 4,200 JLR and…

U.S. Representative Elissa Slotkin has unveiled the Connected Vehicle National Security Review Act, a piece of legislation aimed at bolstering national security in the automotive sector. This new bill proposes the establishment of a formal review process for connected vehicles manufactured by Chinese EV makers or other nations deemed of concern. Under the legislation, the Department of Commerce would be empowered to restrict or prohibit the entry of such vehicles into the U.S. market if they are found to pose a potential threat to national security. “Today’s vehicles are more sophisticated than ever, carrying cameras, radars and other sophisticated sensors,…

In a move to address the growing demand for skilled technology professionals in South Africa, Regenesys Business School has launched the School of Technology. This initiative is driven by the urgent need to bridge the existing skills gap in the tech industry, fostering innovation and supporting economic growth. According to Nicolaas Kruger (NK), CEO of Regenesys School of Technology, the establishment of the school aligns with Regenesys’ vision to transform lives by awakening potential and nurturing a new generation of holistically developed technology leaders. See below the Questions and Answers for an interview with NK conducted by TechFinancials: What motivated…

The flagship new Range Rover Sport SV has ignited significant demand among South African clients, with all 35 limited-edition Range Rover Sport SV EDITION ONE units being fully reserved upon order opening. According to the Land Rover website, Range Rover SV retails for more than R4.4 million, suggesting that a Limited-Edition Range Rover Sport SV EDITION ONE will cost even more. Based on this price, it indicates that affluent South Africans are ready to spend approximately R154 million to acquire these exclusive vehicles. Jaguar Land Rover South Africa’s Product and Pricing Manager, Janico Dannhauser, mentioned in a statement that close…

Pepkor, a JSE-listed retailer renowned for quality clothing at discounted prices, is a big player in South Africa’s FinTech ecosystem. FinTech is revolutionising how customer needs are met by enhancing accessibility, reducing costs, and providing personalised financial solutions. Through digital banking and online payment systems, customers can conduct transactions conveniently from anywhere, while automated services and robo-advisors offer efficient, low-cost financial management. FinTech also promotes financial inclusion by extending microloans and mobile banking to underserved populations. Additionally, the use of data analytics allows for tailored financial products, and advanced security measures, such as blockchain and fraud detection technologies, to ensure…

Pepkor, a JSE-listed retailer renowned for quality clothing at discounted prices, has quietly entered the smartphone market. The Pep clothing retail arm sold 8-million cellular handsets in one year, with 50% being smartphones. Pepkor has also introduced a cellular handset rental option called FoneYam at 180 Pep and Ackermans stores by December 2023. The retailer said FoneYam has now been rolled out to 1 000 stores. Today, Pepkor disclosed that FoneYam cellular handset rental product, which makes smartphones affordable and accessible to customers, was rolled out further with more than 200 000 active FoneYam customers by the end of the…